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[Live] US Bank Smartly Visa Credit Card - Up to 4% cash back on all purchases $96
$96.00
$100.00
US Bank Smartly Visa credit card gives up to 4% cash back on all purchases with qualifying deposits. trust or investment accounts in US Bank. Card is metal and no annual fee.
2% cash back: no requirement
2.5% cash back: balance of $5,000 - $49,999
3% cash back: balance of $50,000 - $99,999
4% cash back: balance of $100,000 or more
https://www.usbank.com/credit-car...-card.html
2% cash back: no requirement
2.5% cash back: balance of $5,000 - $49,999
3% cash back: balance of $50,000 - $99,999
4% cash back: balance of $100,000 or more
https://www.usbank.com/credit-car...-card.html
Created 11-11-2024
at 03:05 PM
by XlonMusk
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Our community has rated this post as helpful. If you agree, why not thank BlueDesk9616
Have you ever heard the phrase "picking up nickels in front of a steamroller?"
Remember that prominent banks like First Republic failed only last year? Remember that prominent "stable coins" like TerraUSD also collapsed only last year, wiping out tens of billions of dollars from investors? Or that only last year Sam Bankman-Fried was sentenced in stealing $8 billion of crypto investor's money? Or that crypto exchange Binance was charged for $4 billion in fraud? You're really going to put your money in USDC when plenty of savings vehicles are paying the same interest rates but are backed by the full force of the US government?
Have you ever heard the phrase "picking up nickels in front of a steamroller?"
Remember that prominent banks like First Republic failed only last year? Remember that prominent "stable coins" like TerraUSD also collapsed only last year, wiping out tens of billions of dollars from investors? Or that only last year Sam Bankman-Fried was sentenced in stealing $8 billion of crypto investor's money? Or that crypto exchange Binance was charged for $4 billion in fraud? You're really going to put your money in USDC when plenty of savings vehicles are paying the same interest rates but are backed by the full force of the US government?
It's about taking substantial risk in order to earn an interest rate that can be easily achieved using US government guaranteed instruments.
It's about taking substantial risk in order to earn an interest rate that can be easily achieved using US government guaranteed instruments.
Tempted to make a switch next year after my Capital One bank reward kicks in... but that slightly lower savings account APR (3.8% instead of 4% I'm getting in Ally and other savings accounts) ends up netting around the same since I'm only making about $10-20k of purchases per year... too much work for making $200 per year.
So gotta pay attention to that savings account APR difference.
Confusingly not a Slick Deal due to better savings account APRs out there...
You will lose just over 200 dollars due to the saving rate difference on 100k as you point out. (this can be mitigated with moving IRA over possibly but I digress)
In my case I have around 100k of spending total for the year of which I estimate that at least 60k can go to card spend. I tend to maximize 5% categories and I estimate my current cashback rate on that 60k is 3.5%.
So let's look at the 3 scenarios of how to split the credit card spend in my case:
1) Existing setup: 25k on 5% cards, 35k at a blended rate of 2.5% = $2125.00 cashback
2) Move all credit card spend to 4% usbank card = $2400.00 cashback - $200 savings apy difference = $2200. One nice thing here is that I can stop thinking about and carrying different cards.
3) Keep existing 25k on 5% cards, 35k at 4% = $2650 cashback - $200 savings rate difference = $2450
I will say one other thing is there is probably around 10k of spending more that could go on cards but I currently don't use because the processing fee is 2.5% to 3%. So that might net out another $100 with the 4% option.
Hope this helps people like me who already leverage 5% rotating cards when evaluating if this is worth it.
You will lose just over 200 dollars due to the saving rate difference on 100k as you point out. (this can be mitigated with moving IRA over possibly but I digress)
In my case I have around 100k of spending total for the year of which I estimate that at least 60k can go to card spend. I tend to maximize 5% categories and I estimate my current cashback rate on that 60k is 3.5%.
So let's look at the 3 scenarios of how to split the credit card spend in my case:
1) Existing setup: 25k on 5% cards, 35k at a blended rate of 2.5% = $2125.00 cashback
2) Move all credit card spend to 4% usbank card = $2400.00 cashback - $200 savings apy difference = $2200. One nice thing here is that I can stop thinking about and carrying different cards.
3) Keep existing 25k on 5% cards, 35k at 4% = $2650 cashback - $200 savings rate difference = $2450
I will say one other thing is there is probably around 10k of spending more that could go on cards but I currently don't use because the processing fee is 2.5% to 3%. So that might net out another $100 with the 4% option.
Hope this helps people like me who already leverage 5% rotating cards when evaluating if this is worth it.
I considered opening a brokerage account and just put 5k in stocks but the $50 annual fee is weak. Saving account seems to be 4.10% apr if you're at $25k and up, can't figure out the apr for just $5k tho and there's also a $5 fee that you need to do something to get it waived
Can consider a Fidelity cash management account, which is at 4.26% right now. I'm using it as both checking and savings account, since it offers check writing.
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I considered opening a brokerage account and just put 5k in stocks but the $50 annual fee is weak. Saving account seems to be 4.10% apr if you're at $25k and up, can't figure out the apr for just $5k tho and there's also a $5 fee that you need to do something to get it waived
If you're going for the 2.5% Cashback level, I suggest you take a look at the Alliant credit card. They give you 1.5% + 1% if you open a checking and transfer in $1/mo. I'm going for the 4% level, so I'm switching my spend over to this card
I'm getting the Savings account maintenance fee waived by opening a checking account. The checking account fee is waived by having the smartly credit card. Kind of dumb that they have all these conditions, but read the waiver terms.
Have you ever heard the phrase "picking up nickels in front of a steamroller?"
Remember that prominent banks like First Republic failed only last year? Remember that prominent "stable coins" like TerraUSD also collapsed only last year, wiping out tens of billions of dollars from investors? Or that only last year Sam Bankman-Fried was sentenced in stealing $8 billion of crypto investor's money? Or that crypto exchange Binance was charged for $4 billion in fraud? You're really going to put your money in USDC when plenty of savings vehicles are paying the same interest rates but are backed by the full force of the US government?
Coinbase is the most reputable crypto exchange in the world. It provides custody services for BlackRock and the U.S. government. Coinbase will eventually become bigger than Chase. Claiming that Coinbase is playing with your money is like accusing Apple of selling fake iPhones.
Our community has rated this post as helpful. If you agree, why not thank LukeT9361
Thanks a lot!! You really saved my time and money 🙏🙏.
I'll hold on to my BofA rewards accounts with $100k+ balance
Have "Combined Qualifying Balances" with U.S. Bank in open consumer checking account(s), money market savings account(s), savings account(s), CDs and/or IRAs, U.S. Bancorp Investments and personal trust account(s) (business accounts, commercial accounts, and the Trustee only (IFI) client relationship do not qualify).
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Did you end up closing it out?